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CONE Midstream Partners Launches IPO

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CONE Midstream Partners LP, a Delaware limited partnership ("CONE Midstream Partners") formed by CONSOL Energy Inc. (NYSE: CNX) and Noble Energy, Inc. (NYSE: NBL), announced today that it has launched its initial public offering of 17,500,000 common units representing limited partner interests. The common units are expected to trade on the New York Stock Exchange under the ticker symbol "CNNX." The underwriters of the offering will have a 30-day option to purchase up to an additional 2,625,000 common units to cover over-allotments, if any.

The common units being offered in the offering represent a 29.4% limited partner interest in CONE Midstream Partners (or a 33.8% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Each of CONSOL and Noble Energy will own a 34.3% limited partner interest in CONE Midstream Partners (or a 32.1% limited partner interest if the underwriters exercise in full their option to purchase additional common units). In addition, CONSOL and Noble Energy will own, through their Marcellus Shale midstream joint venture, CONE Gathering LLC, a 2% general partner interest and the incentive distribution rights in CONE Midstream Partners.

Wells Fargo Securities, BofA Merrill Lynch, Citigroup, J.P. Morgan, Baird, Barclays, Deutsche Bank Securities, Goldman, Sachs & Co., Morgan Stanley, Credit Suisse and RBC Capital Markets are acting as book-running managers of the offering. MUFG, PNC Capital Markets LLC, BB&T Capital Markets, BBVA, BNP PARIBAS, DNB Markets, Mizuho Securities and TD Securities are acting as co-managers of the offering. The offering of common units is being made only by means of a written prospectus.

 

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